Walla Walla FHA Loan Rates, Closing Costs & Stats

WALLA WALLA, WA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Walla Walla's 33 lenders originated 115 FHA loans during 2023. The total origination value was $34,955,000, with an average FHA loan value of $303,957.

    Walla Walla FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Walla Walla averaged 7.15% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Walla Walla's average FHA mortgage closing costs are $9,131.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Walla Walla FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Walla Walla level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ACADEMY MORTGAGE CORPORATION 14 6.52% $14,541
    QUICKEN LOANS, LLC 9 6.30% $15,525
    UNITED WHOLESALE MORTGAGE, LLC 8 5.89% $13,909
    PREMIER MORTGAGE RESOURCES, L.L.C. 8 6.89% $15,569
    CHURCHILL MORTGAGE CORPORATION 7 6.82% $13,000
    SUMMIT FUNDING, INC. 5 7.30% $12,786
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.08% $14,548
    CMG MORTGAGE, INC. 3 6.17% $16,191
    Paramount Residential Mortgage Group, Inc. 3 6.96% $16,663
    FREEDOM MORTGAGE CORPORATION 3 6.79% $19,900
    CROSSCOUNTRY MORTGAGE, LLC 2 6.25% $13,144
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.81% $13,750
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.44% $15,213
    Plains Commerce Bank 2 6.88% $8,371
    CARDINAL FINANCIAL 2 6.44% $11,241
    Century Mortgage Company DBA Century Lending Company 2 6.50% $9,873
    PLANET HOME LENDING, LLC 1 5.50% $7,481
    AMERICAN FINANCING CORPORATION 1 6.88% $15,645
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $8,945
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $14,973
    Banner Bank 1 6.13% $15,951
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $14,758
    Barrington Bank & Trust Company, N.A. 1 6.75% $8,540
    Bell Bank 1 6.25% $14,749
    BROKER SOLUTIONS, INC. 1 7.75% $12,854
    CALIBER HOME LOANS, INC. 1 5.63% $8,251
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 7.75% $13,427
    FIRST CONTINENTAL MORTGAGE, LTD. 1 6.63% $10,827
    HOMESIDE FINANCIAL, LLC 1 6.13% $13,525
    Loan Simple, Inc. 1 7.25% $14,260
    Nations Lending Corporation 1 7.00% $18,008
    NEWREZ LLC 1 7.25% $6,948
    PENNYMAC LOAN SERVICES, LLC 1 6.13% $20,978

    The top Walla Walla FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 14 FHA loans originated. Their average total fees are $14,541, which is $985 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Walla Walla FHA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION ($14,541), .

    The lowest rate Walla Walla FHA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION (6.52%), .

    Walla Walla FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WALLA WALLA, WA WALLA WALLA 2022 $420,680 $538,650 $651,050 $809,150
    WALLA WALLA, WA WALLA WALLA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Walla Walla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $284,950 (14.0%) $354,076 (8.4%) 0.00 141
    2018-02-01 $319,000 (30.5%) $374,847 (16.2%) 0.00 139
    2018-03-01 $325,000 (32.2%) $372,408 (11.0%) 0.00 147
    2018-04-01 $322,000 (19.3%) $388,928 (11.8%) 0.00 153
    2018-05-01 $336,863 (22.5%) $405,160 (13.7%) 0.00 143
    2018-06-01 $340,475 (18.2%) $420,260 (17.3%) 0.00 140
    2018-07-01 $336,975 (22.8%) $426,264 (19.4%) 0.00 147
    2018-08-01 $335,975 (23.7%) $417,638 (14.9%) 0.00 167
    2018-09-01 $335,000 (19.2%) $406,670 (13.0%) 0.00 178
    2018-10-01 $334,995 (16.2%) $390,148 (7.3%) 0.00 184
    2018-11-01 $332,470 (23.4%) $377,311 (7.0%) 0.00 177
    2018-12-01 $330,000 (26.6%) $381,524 (11.3%) 0.00 160
    2019-01-01 $334,980 (17.6%) $376,542 (6.3%) 0.00 159
    2019-02-01 $340,950 (6.9%) $392,873 (4.8%) 0.00 142
    2019-03-01 $360,686 (11.0%) $404,723 (8.7%) 0.00 135
    2019-04-01 $367,961 (14.3%) $408,316 (5.0%) 0.00 137
    2019-05-01 $379,950 (12.8%) $434,235 (7.2%) 0.00 159
    2019-06-01 $385,000 (13.1%) $432,943 (3.0%) 0.00 161
    2019-07-01 $392,425 (16.5%) $457,689 (7.4%) 0.00 173
    2019-08-01 $382,850 (14.0%) $442,645 (6.0%) 0.00 175
    2019-09-01 $373,063 (11.4%) $421,801 (3.7%) 0.00 177
    2019-10-01 $373,763 (11.6%) $413,663 (6.0%) 0.00 179
    2019-11-01 $379,900 (14.3%) $418,630 (11.0%) 0.00 169
    2019-12-01 $396,500 (20.2%) $452,476 (18.6%) 0.00 130
    2020-01-01 $397,250 (18.6%) $450,708 (19.7%) 0.00 111
    2020-02-01 $382,450 (12.2%) $433,012 (10.2%) 0.00 110
    2020-03-01 $420,000 (16.4%) $445,037 (10.0%) 0.00 106
    2020-04-01 $396,950 (7.9%) $431,752 (5.7%) 0.00 106
    2020-05-01 $409,500 (7.8%) $432,908 (-0.3%) 0.00 112
    2020-06-01 $427,748 (11.1%) $452,695 (4.6%) 0.00 99
    2020-07-01 $432,493 (10.2%) $511,614 (11.8%) 0.00 100
    2020-08-01 $449,990 (17.5%) $543,315 (22.7%) 0.00 94
    2020-09-01 $419,225 (12.4%) $535,205 (26.9%) 0.00 87
    2020-10-01 $395,000 (5.7%) $504,531 (22.0%) 0.00 70
    2020-11-01 $399,300 (5.1%) $596,320 (42.5%) 0.00 59
    2020-12-01 $416,945 (5.2%) $599,310 (32.5%) 0.00 53
    2021-01-01 $426,995 (7.5%) $572,222 (27.0%) 0.00 44
    2021-02-01 $454,725 (18.9%) $639,945 (47.8%) 0.00 40
    2021-03-01 $449,675 (7.1%) $636,590 (43.0%) 0.00 36
    2021-04-01 $445,750 (12.3%) $620,992 (43.8%) 0.00 46
    2021-05-01 $422,000 (3.1%) $698,343 (61.3%) 0.00 13
    2021-06-01 $443,750 (3.7%) $631,179 (39.4%) 0.00 23
    2021-07-01 $449,000 (3.8%) $624,627 (22.1%) 0.00 35
    2021-08-01 $439,250 (-2.4%) $643,406 (18.4%) 0.00 41
    2021-09-01 $459,500 (9.6%) $642,510 (20.1%) 0.00 52
    2021-10-01 $449,998 (13.9%) $677,860 (34.4%) 0.00 62
    2021-11-01 $433,750 (8.6%) $709,484 (19.0%) 0.00 48
    2021-12-01 $483,375 (15.9%) $750,412 (25.2%) 0.00 44
    2022-01-01 $499,000 (16.9%) $803,904 (40.5%) 0.00 39
    2022-02-01 $469,500 (3.3%) $776,381 (21.3%) 0.00 38
    2022-03-01 $583,450 (29.8%) $801,963 (26.0%) 0.00 35
    2022-04-01 $525,000 (17.8%) $742,340 (19.5%) 0.00 44
    2022-05-01 $570,000 (35.1%) $710,521 (1.7%) 0.00 63
    2022-06-01 $593,000 (33.6%) $684,954 (8.5%) 0.00 80
    2022-07-01 $525,000 (16.9%) $662,815 (6.1%) 0.00 91
    2022-08-01 $549,450 (25.1%) $687,091 (6.8%) 0.00 90
    2022-09-01 $544,000 (18.4%) $684,194 (6.5%) 0.00 91
    2022-10-01 $549,000 (22.0%) $668,081 (-1.4%) 0.00 101
    2022-11-01 $478,000 (10.2%) $597,433 (-15.8%) 0.00 108
    2022-12-01 $481,000 (-0.5%) $595,071 (-20.7%) 0.00 98
    2023-01-01 $502,000 (0.6%) $626,034 (-22.1%) 0.00 80
    2023-02-01 $499,000 (6.3%) $618,690 (-20.3%) 0.00 71
    2023-03-01 $505,500 (-13.4%) $625,767 (-22.0%) 0.00 76
    2023-04-01 $589,950 (12.4%) $657,609 (-11.4%) 0.00 67
    2023-05-01 $557,450 (-2.2%) $638,427 (-10.2%) 0.00 94
    2023-06-01 $540,725 (-8.8%) $642,776 (-6.2%) 0.00 89
    2023-07-01 $550,000 (4.8%) $643,506 (-2.9%) 0.00 91
    2023-08-01 $541,250 (-1.5%) $638,172 (-7.1%) 0.00 104
    2023-09-01 $562,450 (3.4%) $639,477 (-6.5%) 0.00 110
    2023-10-01 $520,000 (-5.3%) $598,961 (-10.4%) 0.00 129
    2023-11-01 $506,000 (5.9%) $585,597 (-2.0%) 0.00 130
    2023-12-01 $485,000 (0.8%) $548,772 (-7.8%) 0.00 119
    2024-01-01 $453,250 (-9.7%) $536,730 (-14.3%) 0.00 104
    2024-02-01 $484,450 (-2.9%) $557,843 (-9.8%) 0.00 111
    2024-03-01 $510,000 (0.9%) $599,847 (-4.1%) 0.00 106
    Walla Walla's median listing price for 2024-03-01 was $510,000, a difference of $4,500 (0.9%) versus the prior year and $25,550 versus the prior month.

    Walla Walla's median listing price comes in at 0% of the national average.

    Walla Walla's average listing price for 2024-03-01 was $599,847, a difference of $-25,920 (-4.1%) versus the prior year and $42,004 versus the prior month.

    For the 2024-03-01 period, Walla Walla had 106 MLS listings, a difference of -5 listings (-5%) versus the prior month and 30 listings (39%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Walla Walla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,042 sqft
    2018-02-01 0 days 2,102 sqft
    2018-03-01 0 days 2,180 sqft
    2018-04-01 0 days 2,191 sqft
    2018-05-01 0 days 2,249 sqft
    2018-06-01 0 days 2,254 sqft
    2018-07-01 0 days 2,210 sqft
    2018-08-01 0 days 2,205 sqft
    2018-09-01 0 days 2,187 sqft
    2018-10-01 0 days 2,151 sqft
    2018-11-01 0 days 2,164 sqft
    2018-12-01 0 days 2,185 sqft
    2019-01-01 0 days 2,160 sqft
    2019-02-01 0 days 2,173 sqft
    2019-03-01 0 days 2,271 sqft
    2019-04-01 0 days 2,345 sqft
    2019-05-01 0 days 2,368 sqft
    2019-06-01 0 days 2,396 sqft
    2019-07-01 0 days 2,505 sqft
    2019-08-01 0 days 2,432 sqft
    2019-09-01 0 days 2,327 sqft
    2019-10-01 0 days 2,263 sqft
    2019-11-01 0 days 2,327 sqft
    2019-12-01 0 days 2,373 sqft
    2020-01-01 0 days 2,399 sqft
    2020-02-01 0 days 2,376 sqft
    2020-03-01 0 days 2,359 sqft
    2020-04-01 0 days 2,311 sqft
    2020-05-01 0 days 2,290 sqft
    2020-06-01 0 days 2,392 sqft
    2020-07-01 0 days 2,492 sqft
    2020-08-01 0 days 2,442 sqft
    2020-09-01 0 days 2,443 sqft
    2020-10-01 0 days 2,164 sqft
    2020-11-01 0 days 2,236 sqft
    2020-12-01 0 days 2,209 sqft
    2021-01-01 0 days 2,308 sqft
    2021-02-01 0 days 2,568 sqft
    2021-03-01 0 days 2,463 sqft
    2021-04-01 0 days 2,444 sqft
    2021-05-01 0 days 2,439 sqft
    2021-06-01 0 days 2,470 sqft
    2021-07-01 0 days 2,180 sqft
    2021-08-01 0 days 2,182 sqft
    2021-09-01 0 days 2,222 sqft
    2021-10-01 0 days 2,220 sqft
    2021-11-01 0 days 2,252 sqft
    2021-12-01 0 days 2,283 sqft
    2022-01-01 0 days 2,228 sqft
    2022-02-01 0 days 2,269 sqft
    2022-03-01 0 days 2,297 sqft
    2022-04-01 0 days 2,198 sqft
    2022-05-01 0 days 2,192 sqft
    2022-06-01 0 days 2,249 sqft
    2022-07-01 0 days 2,140 sqft
    2022-08-01 0 days 2,212 sqft
    2022-09-01 0 days 2,280 sqft
    2022-10-01 0 days 2,169 sqft
    2022-11-01 0 days 2,045 sqft
    2022-12-01 0 days 2,037 sqft
    2023-01-01 0 days 2,029 sqft
    2023-02-01 0 days 2,061 sqft
    2023-03-01 0 days 2,082 sqft
    2023-04-01 0 days 2,206 sqft
    2023-05-01 0 days 2,184 sqft
    2023-06-01 0 days 2,256 sqft
    2023-07-01 0 days 2,200 sqft
    2023-08-01 0 days 2,230 sqft
    2023-09-01 0 days 2,259 sqft
    2023-10-01 0 days 2,203 sqft
    2023-11-01 0 days 2,225 sqft
    2023-12-01 0 days 2,205 sqft
    2024-01-01 0 days 2,205 sqft
    2024-02-01 0 days 2,221 sqft
    2024-03-01 0 days 2,280 sqft
    Walla Walla's median listing age (time on market) for 2024-03-01 was 0 days.

    Walla Walla's median square footage for active listings during the 2024-03-01 period was 2,280 sqft. One year prior, the average listing was 2,082 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).